The Midas indicator was developed by Paul Levine. Midas is an acronym for Marketing Interpretation Data Analysis System. This system is designed to focus on the dynamic interplay of support/resistance and accumulation/distribution in determining price behaviour. A Midas chart can clarify an otherwise random or chaotic market.
To add the tool to your chart, select the tool from the Volume tool group, and left-click on the bar on the chart you wish to calculate the tool from. Optuma will then draw the tool using the default settings.
Scripting Function: MIDAS()
Actions & Properties
Copy Data to Clipboard: Will copy the tool’s values to the clipboard which can then be inserted into a spreadsheet, for example, allowing for further analysis.
Add to Toolbar: Adds the selected tool to your custom toolbar.
Apply Settings to All: When multiple Midas tools have been applied to a chart, page or workbook, this action can be used to apply the settings of the one selected to other instances of the tool. This is a great time saver if an adjustment is made to the tool - such as line colour - as this allows all the other Midas tools in the chart, page or entire workbook to be updated instantly.
Copy Tool: Allows you to copy the selected tool, which can then be pasted onto a different chart window.
Move to Back: If the tool is displaying in front of other tools or indicators clicking this action will move the tool view to the background.
Move to Front: If the tool is displaying behind other tools or indicators on the chart, clicking this action will bring the tool to the forefront.
Restore Default Settings: Click this action if you have adjusted the default settings of the tool, and wish to return to the standard properties originally installed with Optuma.
Save Settings as Default: If you have adjusted any of the tool’s properties (colour, for example) you can save the adjustments as your new default setting. Each time you apply a new Midas to a chart, the tool will display using the new settings.
Delete: Deletes the tool from the chart.
Tool Name: Allows you to adjust the name of the tool, as it’s displayed in the Structure Panel.
Use True Range: Check the box to use the true range in calculating the Midas.
Reverse High Low: When selected, this option will toggle between using the High or Low of the bar the tool has been applied to.
Plot Style: Expands to display Midas plotting properties. The following properties can be adjusted:
- Plot Style - Adjusts the display style for the Midas. There are 6 options available: Line, Dot, Histogram, Step, Shaded, Shaded Step.
- Line Style - When Line is selected as the Plot Style, the Line Style property allows you to adjust the type of line displayed. There are 8 options available: Solid, Dots, Dash, Dash Dots, Long Dash, Long Dash Dot, Long Dash Dot Dot, Stippled.
- Line Width - Allows you to adjust the width of the line for the Midas. Moving the slider bar to the right increases the thickness of the line.
- Line Colour - Allows you to adjust the colour of the Midas.
- Fill Up / Down Barrier - When the Plot Style is set to Shaded you are able to adjust the barrier value, the default value is 0.00.
- Fill Up Colour - When the Plot Style is set to Shaded you are then able to alter the Fill Colour for the tool.
- Fill Down Colour - When the Plot Style is set to Shaded you are then able to alter the Fill Colour for the tool.
- Transparency - Use this slider bar to adjust the transparency of the Midas. Moving the slider to the left will increase the transparency.
Offset: Moves the Midas Top/Bottom Finder forward or backwards in time. The offset is measured in bars, so a value of 2 will push the tool forward 2 bars and -2 will move the tool back 2 bars.
Tool Transparency: Use this slider bar to adjust the transparency of the tool. Moving the slider to the left will increase the transparency of the tool.
Visible: Un-tick this checkbox to hide the tool from the chart.